Oil prices edge higher on hopes for more China stimulus [CNBC]
RAKUTEN GROUP INC S/ADR (RKUNY)
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Source: CNBC
Brent crude futures rose 11 cents, or 0.2%, to $73.69 a barrel by 0148 GMT. U.S. West Texas Intermediate crude was at $70.25 a barrel, up 15 cents, or 0.2%, from Tuesday's pre-Christmas settlement. China plans to boost fiscal support for consumption next year by increasing pensions and medical insurance subsidies for residents and expanding trade-ins for consumer goods, according to a finance ministry announcement on Tuesday. Meanwhile, Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy. “Hopes for China's stimulus measures are supporting the market,” said Satoru Yoshida, a commodity analyst at Rakuten Securities. “Expectations that fossil fuel production and demand will expand after Donald Trump takes office as U.S. President next month are also bolstering oil prices,” he added. An anticipated dec
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News
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